Jan 30, 2013 11:30am PST
that i think it would be a great idea. with that we have two other speakers would like to can, ted egan is here from our controller's office to give an economic impact report. >> good morning, supervisors. ted eagan from the controller's office of economic analysis. this morning our office issued an he can economic impact report on this item. you have it in front of you. * i'd like to share some of the highlights with you now. i won't go through again the details of the financing or the construction, but just go straight to how we view this affecting the economy on slide 4. really from a positive side, this will result in construction spending in the near term in san francisco to the tune of about 500 million dollars and in the long run it will make possible for the convention center to accommodate more attendees which will lead to some number of net new visitors in san francisco and increase of visitor spending. to the negative side this has to be paid for and the financing costs both fall in the hotels and on the city which is effectively withdrawing some funds from the local economy.
Jan 30, 2013 12:00pm PST
benefit for the city itself in terms of revenue, about $13 million supported by ted eagan. and, so, we're seeing an expansion of general fund dollars that is going to come from this. we've made other decisions recently around providing huge benefit and support general fund for america's cup, for twitter, for tax breaks, and generally what the argument is around making these decisions here at the board of supervisors is that we're going to see a huge general fund benefit and that general fund is going to support all of our serve is he across san francisco. i don't believe that's exactly true. i don't see that we actually get all of our neighborhoods to get the exact general fund support and huge increase in general fund dollars that come from decisions we make around supporting, you know, important parts of our economy and industries in san francisco. a lot of the focus is downtown. i know my district is not necessarily going to get a huge increase in funding for streets, for parks, for public safety. we'll get a little bit of a bump, but we're not going to get a bump that's going to ac